Starling Bank debuts online tool to help SMEs find coronavirus aid schemes

Tuesday 21 April 2020 14:11 CET | News

UK-based digital banking group Starling Bank has launched a new tool that helps business customers find the appropriate Government coronavirus support scheme for them. 

Starling Bank further revealed that the tool asks users a series of questions related to their business, before providing them with a list of the relevant government support schemes. The launch of the new tool comes just days after Starling announced it was accredited by the British Business Bank as a lender under the government-back Coronavirus Business Interruption Loan Scheme (CBILS). The accreditation will enable Starling to provide term loans between GBP 5,000 and GBP 250,000 to small and medium-sized enterprises (SMEs) that are struggling financially as a result of the coronavirus emergency. 

SMEs with an annual turnover of up to GBP 45 million may apply for a Starling CBILS term loan, if they meet all of the following criteria: Limited Company or Limited Liability Partnership, Trading for more than 18 months, Have a good credit history with no arrears or defaults

Starling then added that it is also offering business overdrafts of GBP 1,000 to GBP 150,000 under the Scheme, with Sole Trader businesses also eligible to access a business overdraft up to GBP 10,000.

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Keywords: Starling Bank, UK, challenger bank, SME, lending, United Kingdom, digital bank, overdraft, corporate loan
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech